Umar, who recently came back from a trip to the US in which the information of Pakistan’s subsequent International Economic Fund bailout was finalized, declared he has obtained the prime minister’s consent “to not take any cabinet position”.
Pakistan’s Financial Minister Asad Umar, who was associated with extensive meetings with the IMF to finalize a bailout package for the cash-strapped country, leave the Cabinet on April 18 after Prime Minister Imran Khan expressed his prefer to change him to the energy ministry.
Umar, who newly returned from a trip to the US in which the information of Pakistan’s second International Monetary Fund bailout was finalized, declared he has gained the prime minister’s consent “to not take any cabinet position”.
Prime Minister Khan-led government and Finance Minister Umar specifically have faced mounting criticism by contention parties, participants of the business community and citizens over the handling of the financial meltdown.
On April 15, the Pakistani press reported that a significant reshuffle was on the cards in the Finance Ministry. Cash-strapped Pakistan is seeking $8 billion from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to damage the country’s economy.
Pakistan has so far gained an overall of $9 .1 billion in financial aid packages from favorable countries like China, Saudi Arabia, and the UAE during the current financial year. Finance Minister Umar said earlier this month that an assignment of the IMF would visit Islamabad soon after the spring meetings of the World Bank Team, which includes the IMF, and a contract must be signed by the end on this month.